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Free Trade under FireFifth Edition$
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Douglas A. Irwin

Print publication date: 2020

Print ISBN-13: 9780691201009

Published to Princeton Scholarship Online: January 2021

DOI: 10.23943/princeton/9780691201009.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 24 September 2021

Developing Countries and Open Markets

Developing Countries and Open Markets

Chapter:
(p.209) 6 Developing Countries and Open Markets
Source:
Free Trade under Fire
Author(s):

Douglas A. Irwin

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691201009.003.0007

This chapter takes a look at developing countries and confirms whether free trade is beneficial in promoting economic development. It analyzes whether countries such as Japan, Korea, and China grow rich by rejecting free trade and instead pursuing closed markets and industrial policies. The chapter addresses the issue of fairtrade and how rich-country agricultural subsidies and import tariffs harm developing countries. It also assesses how developing countries harm themselves with their own anti-trade policies. It discusses whether protectionist trade policies contributed to the East Asian growth miracle, whether labor standards should be used to address worker exploitation in sweatshops, and whether “fair trade” offers a satisfactory route to development.

Keywords:   developing countries, free trade, economic development, rich-country subsidies, agricultural subsidies, import tariffs, anti-trade policies, fair trade

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